ABL Space Systems conducted layoffs in late August 2024 following a pad fire that destroyed its second RS1 rocket in July, compounding a previous launch failure in January 2023. CEO Harry O'Hanley cited overexpansion after a $370 million Series B in 2021 and consecutive mission setbacks as reasons for the workforce reduction. While the exact number and percentage of employees affected were not disclosed, the company, which has raised over $460 million since 2017, is now refocusing on a leaner team to upgrade its rocket and ground systems amid a tighter funding environment in the space industry.
